Initially, Faye Dunaway and Warren Beatty announced La La Land had been named the winner of the prestigious award, but it turned out Moonlight had actually won. The moment was incredibly shocking and awkward for everyone watching—in person or on TV—and PricewaterhouseCoopers continues to pay the price for its error.

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"They should call themselves PricewaterhouseBloopers," Corden joked. When his punny joke failed, he said he had the wrong one. On cue, a writer ran out from the side and handed him another envelope. "The correct joke was: They should call themselves PricewaterhouseGoofers."